IIFCL Raises USD 500M ECB, Oversubscribed 5x at Lowest Cost in 15 Years

IIFCL’s Inaugural USD 500 Million ECB Oversubscribed Five Times, Secures Lowest Cost in 15 Years to Boost Infrastructure Financing

New Delhi, Dec 08: India Infrastructure Finance Company Limited (IIFCL) has successfully raised USD 500 million in External Commercial Borrowings (ECB) through the Multilateral Investment Guarantee Agency (MIGA), a World Bank Group-supported guarantee facility. The initiative, aimed at financing priority infrastructure projects, witnessed overwhelming interest, with bids nearly five times the proposed facility.

The ECB, structured with a 15-year tenor, is designed to match the amortizing profile of typical infrastructure loans and avoid fixed rate-fixed tenure shocks commonly seen in bonds. MIGA provides coverage of up to 95% on principal and future interest, with an embedded hedging structure, enhancing the financial security of the facility.

Sh. Palash Shrivastava, Deputy Managing Director, IIFCL, stated:

“The strong response from global lenders reflects confidence in India’s growth story and infrastructure expansion. This success strengthens IIFCL’s ability to channel long-term international capital into priority projects and sets a benchmark for other institutions seeking global funding.”

Twelve leading international banks participated in the bidding, including Citi Bank, JP Morgan, Standard Chartered, HSBC, Société Générale, SMBC, Credit Agricole-Corporate & Investment Bank, BNP Paribas, MUFG, Commerzbank, BBVA, and Deutsche Bank. The facility supports sectors under the Harmonised Master List of Infrastructure Sub-Sectors, with a particular focus on sustainable and climate-aligned projects, adhering to Environmental and Social Safeguards (ESS) aligned with MIGA and Government of India standards.

This initial tranche of USD 500 million forms part of a larger programme targeting up to USD 2.5 billion in international capital mobilization for infrastructure financing, without requiring a direct Government of India guarantee. The financial closure for the first tranche is expected within this quarter.

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